"We've been so internationally focused that we forget that we have the best companies right here in America," BMO Capital Markets' chief investment strategist said in a "Squawk Box" interview. "I don't think we're anywhere near a 'control-alt-delete' type of reset."

U.S. markets closed lower on Tuesday after ending February trading at record highs. The Dow Jones Industrial Average shed nearly 100 points in the session, while the Nasdaq veered off its 5,000-point close.

Belski said many investors are losing faith in U.S. markets because of the recent highs they have reached. "Then, these comments from the Fed only accentuated the confidence problem with financials overall," Belski said.

Fed Chair Janet Yellen lashed out against banks and Wall Street in a speech on Tuesday. "We expect the firms we oversee to follow the law and to operate in an ethical manner. Too often in recent years, bankers at large institutions have not done so, sometimes brazenly," Yellen said.

Belski said he believes the central bank's indecision to raise federal interest rates has also contributed to this "confidence problem" in the U.S. "Why is the Fed talking like it's still 2008?," he said. Nevertheless, Belski added he believes the Fed will raise rates in the second half of the 2015.

U.S. futures pointed to a lower opening on Wednesday. (Click here to see what the markets are doing now).